FX.co ★ GBP/USD - sell below trendline - for April 09, 2013 (daily strategy)

The British pound is trading below the long-term bearish channel and above the short-term bullish channel. The pound is at a decisive moment, if bluntly manages to break the 1.5350 level. It closed the week above this level which indicates that the pair’s nearest target is at 1.5630. On the other hand, we recommend selling at current price levels with objectives in support of the bullish channel at 1.51. Looking on the chart you can see that the Momentum Indicator is overbought, indicating that it is the next few days there will be a significant correction of the pair.

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